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News Breaks
June 13, 2014
10:09 EDTTWX, MDP, TIMETime Inc. seen as acquistion target for Meredith
Magazine publisher Time Inc. (TIME) could be acquired by another magazine publisher, Meredith (MDP), late next year, Citigroup wrote in a note to investors earlier today. Citigroup initiated coverage of Time, which was spun off earlier this month by Time Warner (TWX), with a $28 price target and Buy rating. WHAT'S NEW: Meredith could buy Time in the fourth quarter of 2015, Citi analyst Jason Bazinet predicted. The deal is not likely to occur before then because of the tax-free nature of the Tiime spin-off, the analyst believes. Time shareholders would probably receive $28 per share in a takeover and would have 40%-48% of Meredith's equity following the deal, Bazinet estimated. The combined company could obtain $175M in annual cost savings from the deal and Meredith's stock would likely rise in the wake of the acquisition, the analyst believes. PRICE ACTION: In early trading, Time fell about 1% to $22.28 while Meredith was also down 1% to $43.80.
News For TIME;MDP;TWX From The Last 14 Days
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November 30, 2015
06:24 EDTTWXNetworks aiming to protect TV rights amid streaming battle, WSJ says
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November 29, 2015
17:53 EDTTWX'Hunger Games' stays ahead of competition as Pixar sees slight miss
"The Hunger Games: Mockingjay - Part 2" held on to its box office lead despite competition from Pixar's latest animated film and a strong performance from Rocky Balboa's latest outing, "Creed." WEEKEND LEADER: Lionsgate's (LGF) "The Hunger Games: Mockingjay - Part 2" took in $51.6M domestically for the weekend of November 29 while battling several new releases over the Thanksgiving holiday. The film's roughly 49% slip from its box office open last weekend was not as severe as that seen by previous entries in the series, whose dystopic science-fiction saga has now wound to a close for Lionsgate. BOX OFFICE RUNNERS-UP: Disney (DIS) Pixar's "The Good Dinosaur" opened at $39.2M in the U.S. against expectations for $54M, a rare miss for the studio. In an interview with Bloomberg following the release of this weekend's numbers, Walt Disney Studios' executive Dave Hollis commented, "With every release it is a little bit less about how we start and really more about how we finish. [The film's open has] set us up in a great way." Meanwhile, Warner Bros.' (TWX) "Creed" debuted at $30.1M versus estimates for $26M. "Creed," which marks the seventh Rocky Balboa boxing film, stars Sylvester Stallone as mentor and trainer to the son of Apollo Creed, a previous antagonist in the series. Rounding out the weekend's top five were Sony's (SNE) "Spectre" and Fox's (FOX, FOXA) "The Peanuts Movie," which earned a respective $12.8M and $9.7M. Fox's "Victor Frankenstein" failed to place in the top 10, grossing $2.4M against an approximate budget of $40M.
November 27, 2015
13:22 EDTTWXOn The Fly: Top stock stories for Friday
Stocks on Wall Street were mixed following the short Black Friday session. In addition to periodic checks on traffic at malls and big box retailers, the day's media coverage was dominated by discussion of Disney's disclosure that subscribers for ESPN have dropped about 3% from last year's levels. ECONOMIC EVENTS: In the U.S., no major data was released, as several reports that usually come out on Thursdays or Fridays were accelerated into Wednesday due to the holiday. In China, shares of brokerages sold off sharply, with Citic Securities, Founder Securities and China Merchants all falling about 10% on news that the China Securities Regulatory Commission had launched investigations into the firms in an effort to limit short selling and speculation. Amid the rout in the brokerages, the Shanghai Composite index tumbled 5.5%. COMPANY NEWS: Shares of Disney (DIS) fell $3.56, or 3.0%, to $115.11 after the media giant disclosed in a regulatory filing late Wednesday that domestic subscribers for ESPN were estimated to have declined by 3M. As of October 3, ESPN had 92M subscribers in the U.S., as estimated by Nielsen Media Research. In the company's 10-K filing last year, Disney stated that Nielsen estimated that ESPN had 95M subscribers as of September 27, 2014. Disney's weakness weighed on its big media peers as well, with Twenty-First Century Fox (FOX, FOXA) falling 1.2%, Time Warner (TWX) dropping 0.74% and Viacom (VIA, VIAB) sliding 1.8%... Amazon (AMZN) shares were flattish, falling 0.3% despite Adobe Systems estimating that online shoppers in the U.S. would spend $1.7B in online shopping by the end of the day on Thanksgiving, a 22% jump from last year. Additionally, ChannelAdvisor estimated that Amazon had a "strong showing" on Thanksgiving day, calculating that its same-store sales grew 28.9% compared to last year. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rose 3.8% to $9.23 after the Centers for Medicare and Medicaid Services, or CMS, posted the 2016 Clinical Diagnostic Laboratory Fee Schedule. Exact Sciences announced this morning that it has requested that CMS clarify the 2016 reimbursement rate for the company's Cologuard test. Also higher were shares of KaloBios Pharmaceuticals (KBIO), which jumped 30.8% to $34.83 after its new CEO, Martin Shkreli, announced last night via his Twitter account that after speaking with his counsel and advisers that he has decided to stop lending his KaloBios shares out until he "better [understands] the advantages of doing so." Among the noteworthy losers were a number of oil and gas explorers, as Pioneer Energy Services (PES), Stone Energy (SGY) and Southwestern Energy (SWN) fell 8%, 10.2% and 7.2%, respectively, during another down day for oil prices. INDEXES: The Dow fell 14.90, or 0.08%, to 17,798.49, the Nasdaq gained 11.38, or 0.2%, to 5,127.52, and the S&P 500 added 1.24, or 0.06%, to 2,090.11.
07:45 EDTTWXAmazon plans to let Prime users add other online networks, Bloomberg reports
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November 24, 2015
06:47 EDTMDPMeredith trying to 'sweeten the pot' in Media General deal, NY Post says
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November 20, 2015
11:45 EDTTWXBox Office Battle: 'Hunger Games' finale expected to top box office
Lions Gate's (LGF) "The Hunger Games: Mockingjay - Part 2," the final movie based on the dystopian young adult novels, is opening this weekend at 4,175 theaters and is expecting a domestic gross in the range of $120M-$127M. Piper Jaffray analyst James Marsh said in a note to investors on November 18 that he expects the film to open domestically in the $130M range, above where it is tracking, due to limited competition and the addition of IMAX (IMAX) screens. Piper maintained its Overweight rating and $45 price target on Lions Gate shares at that time. "The Hunger Games" main competition is "Spectre" and "The Peanuts Movie," both of which are in their third weekend of release. Sony's (SNE) "Spectre," starring Daniel Craig as James Bond, is expected to earn another $15.2M-$16.8M. Fox's (FOX, FOXA) G-rated family film, starring a 3D-animated Charlie Brown, is predicted to earn an additional $12.5M-$13.2M. In other box office news, the Wall Street Journal reported that Disney's (DIS) "Star Wars: The Force Awakens," which hits theaters on December 18, has had record-breaking pre-sales. Fandango said the film has already sold more tickets than any other movie before its release, which is still four weeks away, and IMAX said the movie has "doubled" its prior pre-sales record of about $9M. Other publicly traded companies involved in filmmaking include Comcast (CMCSA, CMCSK), Time Warner (TWX), and Viacom (VIA, VIAB).
November 18, 2015
17:44 EDTTWXTCS Capital reports 10.9% stake in Central European Media, urges sale of company
In a regulatory filing reporting its position in the company, TCS Capital stated it delivered a letter on November 18 to Central European Media's (CETV) chairman and board of directors urging the hiring of a financial adviser to explore a sale of the company. In the letter, TCS expressed concern about the "poor performance" of the company's stock price, which it believes is "directly tied to Time Warner's (TWX) dominant position as both the largest debt and equity holder" of Central European.
10:02 EDTMDPOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Align Technology (ALGN) initiated with an Overweight at Piper Jaffray... Allegion (ALLE) initiated with a Buy at BofA/Merrill... Atara Biotherapeutics (ATRA) assumed with a Neutral at Goldman... Bankrate (RATE) initiated with a Buy at Topeka... Boulder Brands (BDBD) initiated with a Buy at Wunderlich... (CRCM) initiated with a Hold at Topeka... Coeur Mining (CDE) initiated with a Hold at Noble Financial... E.W. Scripps (SSP) initiated with an Equal Weight at Stephens... Etsy (ETSY) initiated with a Hold at Topeka... Euronet (EEFT) initiated with a Hold at Feltl... Fulton Financial (FULT) initiated with a Neutral at JPMorgan... Gray Television (GTN) initiated with an Overweight at Stephens... HP Enterprise (HPE) initiated with a Market Perform at Raymond James... Halozyme (HALO) initiated with a Buy at Citi... Incyte (INCY) initiated with a Buy at Goldman... Inventure Foods (SNAK) initiated with a Buy at Wunderlich... Isis Pharmaceuticals (ISIS) initiated with a Neutral at Goldman... Kite Pharma (KITE) initiated with a Buy at Goldman... Landec (LNDC) initiated with a Buy at Wunderlich... Lendingtree (TREE) initiated with a Buy at Topeka... Media General (MEG) initiated with an Equal Weight at Stephens... Meredith (MDP) initiated with an Equal Weight at Stephens... Nexstar (NXST) initiated with an Overweight at Stephens... OSI Systems (OSIS) initiated with a Buy at BB&T... PriceSmart (PSMT) initiated with an Outperform at Scotia Howard Weil... Qorvo (QRVO) initiated with an Outperform at JMP Securities... Seattle Genetics (SGEN) initiated with a Sell at Goldman... Sinclair Broadcast (SBGI) initiated with an Equal Weight at Stephens... TEGNA (TGNA) initiated with an Overweight at Stephens... Tribune Media (TRCO) initiated with an Equal Weight at Stephens... Xenia Hotels & Resorts (XHR) initiated with an Outperform at JMP Securities... bluebird bio (BLUE) initiated with a Buy at Goldman.
07:16 EDTMDPMeredith initiated with an Equal Weight at Stephens
Target $50.
November 17, 2015
09:14 EDTTWXDolby, VUDU to release Warner Bros. titles for Dolby Vision
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08:56 EDTTWXTime Warner announces proposed debt offering
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